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Most Common Types of Personal Debts In America

Buying goods and services on credit is a practice as old as the country itself. Unfortunately, borrowing too much, without the ability to pay the lender back, can get people into trouble. These are just some of the most common personal debts throughout the United States.

Paying credit card for purchases

By far the most common type of debt is credit card debt, which is an unsecured loan that does not allow the credit card company to repossess any of your property for non-payment. Next, automobile loans help millions of car owners finance all or part of a car they want to drive. Finally, student loans taken from federal or private lenders help undergraduate and graduate students complete their studies on time.

Are you a Chicago-area household struggling under the burden of credit cards and other personal debts? If so, filing for bankruptcy may be the best solution for your financial woes. Call the law office of Cutler & Associates today at (847) 868-2265 to schedule a debt evaluation with a skilled member of our firm’s bankruptcy practice. We have helped hundreds of families just like yours, so contact us today to find out how we can help.

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